The IDJ joint venture was formed to target growth opportunities in the dairy and juice sector in Southeast Asia, Africa and the Middle East, excluding the Gulf region.

"Almarai is looking at possibly slightly increasing their ownership of IDJ," the company said in a bourse statement.

"It is anticipated that an announcement could be made during the course of March 2012, although discussions are still ongoing."

Almarai, currently roadshowing for a riyal-denominated Islamic bond, has been keen to expand its footprint outside its core presence in the Gulf. In December, the company acquired Fondomonte SA which owns and operates farms in Argentina, to secure feed for its dairy herd and poultry businesses.

It plans to invest $1.1 billion in the poultry sector, it said in June.

Interest in Saudi Arabia's consumer sector is growing among international investors as the country's population rises beyond 27 million, most of which are under the age of 30.

Coca-Cola Co invested $980 million in Saudi Arabia-based beverage firm Aujan Industries in December. The transaction is expected to close in the first half of this year.

Meanwhile, US private equity firm Carlyle Group acquired a 42-percent stake in Alamar Foods, the master franchise operator for Domino's Pizza and Wendy's restaurants in the Middle East and North Africa. - Reuters